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HomeCrypto NewsMarketDespite Being On The Run, Terra (LUNA) Founder Transfers $250k Worth of USDC to an Unknown Wallet

Despite Being On The Run, Terra (LUNA) Founder Transfers $250k Worth of USDC to an Unknown Wallet


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Do Kwon just moved $250k worth of USDC to a strange wallet a few days after a South Korean court issued a warrant for his arrest.

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Do Kwon, founder, and CEO of now-defunct Terraform Labs, has recently found himself under the heat of the law. Following the Terra debacle in May, the 31-year-old software developer came under fire for his approach to handling the situation. Notwithstanding, there was never an official warrant for his arrest until recently.

Now, recent reports show that the Terra boss is secretly moving his funds, as proponents believe he needs to bankroll his “life on the run.” The development was highlighted by a Blockchain advocate and Assistant Professor at Hansung University, Jaewoo Choo. 

“Do Kwon just moved 250k USDC to a mysterious account,” Choo said in a tweet Tuesday, sharing the transaction details.

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Per data from etherscan, the address 0xda44200196cfb3416bf011eed608f354804337ba, which belongs to Kwon, transferred a whopping $250k worth of USDC to an unknown wallet on Tuesday by 7:47 AM (UTC).

Following the transfer, the wallet has a balance of over $31M worth of USDC and ETH as of press time. The transaction has sparked reactions in the crypto community, with renowned Terra informant FatMan being the most vocal of the bunch.

“Life on the run must be demanding. Are his main accounts being monitored?” FatMan said, commenting on the development. He further highlighted the fact that the wallet still has over $30M as a balance, informing the community that Do Kwon is not as poor as he has made everyone believe.



“To be clear, this is just one wallet and a personal wallet at that. The vast majority of cashouts happened through TFL-denoted accounts, not shadow wallets, so this amount is likely a drop in the bucket,” FatMan added.

Recall that Do Kwon noted that he lost almost all his money in the Terra debacle in an interview with the Wall Street Journal in late June. Before the WSJ interview, Kwon mentioned that he bet big and lost in the Terra project in his first-ever interview following the Terra collapse. 

His wallet balance and FatMan’s recent allegations suggest that Kwon might have more to his name than he is letting the public believe. Additionally, the recent need for money has fueled the belief that he might be on the run.

As previously reported by The Crypto Basic, South Korean authorities debunked Kwon’s claims of cooperating with them. According to the authorities, the Terra boss, who the Singapore police confirmed was no longer in the country, is currently on the run from the law. These remarks follow Kwon’s claims that he is willing to cooperate with the relevant authorities.

Following the arrest warrant issuance on September 14, South Korean prosecutors have kept their eyes out for Do Kwon. As part of the efforts to get him, the prosecutors have requested a red notice alert from Interpol for Kwon.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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